Steel PCL

Steel PCL's capital structure shows a debt-to-equity ratio of 0.69, indicating moderate leverage. The company holds 106.5 million THB in cash and equivalents, but with 1.29 billion THB in long-term debt, its net cash position is negative. The current ratio of 1.09 suggests limited short-term liquidity buffer. Profitability metrics are weak, with a return on equity of -3.67% and return on assets of -2.04%. These figures fall below the cohort median for the Iron & Steel industry, which typically sees ROE above 5% in stable conditions. Operating income was negative at 23.6 million THB, and net income was -68.6 million THB, reflecting margin compression in the current period. The company's revenue is concentrated in two segments: steel sales and logistics services. Steel product sales account for 85% of total revenue, with logistics contributing the remaining 15%. Geographically, 98% of revenue is derived from Thailand, exposing the company to domestic economic cycles and regulatory shifts. Growth trajectory is mixed. Revenue for FY2023 was 6.56 billion THB, a 4.2% decline from FY2022. Outlook for FY2024 shows a projected 3.8% revenue contraction, driven by weak construction demand and steel price volatility. Free cash flow turned negative at -15.6 million THB, reversing from positive operating cash flow of 454 million THB. Risk factors include liquidity constraints and margin vulnerability. The company's liquidity risk is rated medium due to negative net cash and operating cash flow insufficient to cover debt maturities. Dilution risk is low, with no recent share issuance and diluted shares equal to basic shares. Capital expenditure of -7.4 million THB suggests asset write-downs rather than growth investment. Recent events include a 10-K filing disclosing exposure to Thai steel import tariffs and a Q4 earnings call noting supply chain bottlenecks. No material regulatory changes were announced in the last quarter, but the company remains exposed to global steel price fluctuations.